How Did the First Week of Phase 2 Impact the Real Estate Market?

July 2, 2020 | Real Estate

On June 22, 2020, New York City entered Phase 2 of the Covid-19 reopening plan. Phase 2 addressed residential property showings. Under Phase 2, showings are allowed in unoccupied or vacant properties.

All individuals touring the properties are required to wear face coverings at all times and brokers are required to disinfect all surfaces after a showing. Brokers are hoping these modified rules for property showings will help the NYC real estate market bounce back as we have seen a significant drop in transactional volume as well as sale prices for properties during the Covid-19 outbreak.

Here has been some signs of hope in the past couple weeks, as it is reported that brokers are seeing an uptick in transactional volume compared to when the outbreak first started.

Chaves Perlowitz Luftig LLP